A term life policy connected to Athene can lead to a life settlement, but in nearly every case only after you convert it to permanent coverage — term has no cash value and is designed to expire, so buyers generally cannot use it as-is. The conversion privilege in your contract is the bridge, and it closes on a deadline that nobody reminds you about.
There is an extra complication with Athene-related term policies: figuring out who to ask. Athene is fundamentally an annuity and retirement company that grew by acquiring blocks rather than writing much retail life insurance. It acquired Aviva USA in October 2013 and renamed the Iowa company Athene Annuity and Life Company, a business whose history runs back through Aviva Life and Annuity, AmerUs Group, and Indianapolis Life. Athene then sold most of the acquired life insurance business to Accordia Life and Annuity Company, part of Global Atlantic, with the final transfers completing in early 2016. Your conversion request goes to whoever administers the policy now — verify that first.
This guide covers how to find your conversion deadline, what conversion actually gives you, and whether the resulting permanent policy would realistically sell. Pine Lake Life Solutions is not affiliated with Athene, Accordia Life, Global Atlantic, or Apollo.
In This Article
Step One: Find Out Who Services the Policy
On a term policy with a closing conversion window, wasted weeks are expensive, and the most common way to waste them is sending forms to the wrong company. The corporate chain here is genuinely confusing: AmerUs Group became Aviva Life and Annuity in 2006, Indianapolis Life merged into it in 2008, Athene acquired Aviva USA in October 2013 and renamed the Iowa entity that December, and most of the acquired life business then moved to Accordia Life, with the last policies transferring in early 2016. Athene Holding itself combined with Apollo Global Management in a merger completed in January 2022; verify the current structure as of 2026.
Call the number on your most recent premium notice or statement — not one printed on an old policy jacket. Ask them to confirm in writing: who administers this policy, who is the current owner of record, what is the face amount, and what is the last date I can convert. That final question is the one everything else depends on.
Why Pure Term Cannot Be Sold
A settlement buyer purchases a future death benefit and agrees to pay premiums until it is paid. That only works if the coverage will still exist at that time. Level term does the opposite: it covers a fixed number of years, then either ends outright or continues at annually increasing premiums that climb so steeply almost nobody keeps paying them.
So a buyer looking at pure term sees a contract that will very likely expire before it ever pays out. The one narrow exception is an insured with a serious health impairment whose life expectancy falls well inside the remaining level-term period; a specialized buyer may take a look at that. It is a small slice of cases and should not be your plan.
The dependable route is conversion — exercising the contractual right to exchange term for permanent coverage without new medical underwriting. That permanent policy is the asset a buyer values. But converting commits you to a much higher premium, and no settlement is guaranteed, so do not convert on the assumption that a sale will follow.
The Conversion Deadline, and Why It Expires Silently
Your conversion right lives in the policy, usually under a heading like “Conversion Privilege” or “Right to Convert.” It typically sets an age ceiling and a duration limit measured from the issue date, and whichever arrives first ends the right. No carrier sends a countdown notice, so people routinely discover the window closed a year or two earlier.
Legacy blocks add a wrinkle. When a policy has moved between companies, the products available for conversion may be limited to what the current administrator offers — which can be a narrower list than what existed when you bought. Ask specifically: which permanent products can this policy convert into today, what is the annual premium at the full face amount, and can I convert only part of it?
Get all of it in writing. If the deadline is near, that letter is the most important document in the file, and it is what allows a reviewer to tell you quickly whether the conversion is worth doing.
| Scenario | Is a Settlement Realistic? | Best Next Step |
|---|---|---|
| Conversion window still open, $100k+ face amount | Possibly, depending on age and health | Free review before converting |
| Conversion window closed | Generally no | Compare keeping the term with letting it lapse |
| Face amount under $100,000 | Unlikely | Keep the term if the premium is affordable |
| Serious health impairment, term still level | Occasionally, without conversion | Ask for a review of the term as-is |
| Insured terminally ill | Check the rider first | Review accelerated death benefit provisions |
| Unsure which company administers the policy | Unknown until confirmed | Call the number on the latest statement |
What Conversion Actually Gives You
Conversion exchanges term coverage for permanent coverage using your original health classification. That is the entire value of the privilege. If your health has declined since issue — true for most people who reach the point of considering a settlement — you could not buy comparable new coverage today at that class, or possibly at all.
- No new exam or underwriting. Your original risk class carries over; premiums are calculated at your current age.
- Face amount carries over one-for-one on the portion converted, so $300,000 of term becomes $300,000 of permanent coverage.
- Partial conversion is often permitted, which keeps the premium workable by converting only part of the coverage.
- Premiums rise substantially, because permanent coverage is priced to last a lifetime rather than a fixed term.
For settlement purposes, the best outcome is generally a large death benefit at the lowest sustainable premium. A guaranteed universal life design, where available, tends to fit that description because it is priced as death benefit with minimal cash value.
Would the Converted Policy Qualify?
Before paying a higher premium, find out whether the end product would realistically draw offers. Buyers screen for a death benefit of $100,000 or more, an insured roughly 65 or older or with significant health conditions, a policy past its contestable period, and premiums that are economical relative to the death benefit.
The right sequence is: confirm the conversion deadline, get a free review while the policy is still convertible, then convert only if a settlement looks realistic. A reputable reviewer will tell you plainly when the answer is no, and that review should cost you nothing. Our page on what policies qualify lists the full screen, and the education center explains how the market prices these assets.
To get a read, send the policy cover page — insurer, policy number, face amount, issue date — plus any letter confirming the conversion deadline. Or call (305) 209-7183 and talk it through first. Market-wide, the federal Government Accountability Office’s study (GAO-10-775) found sellers typically received about 10% to 35% of face value, roughly four to eight times cash surrender value; those are broad averages, not a quote, and many policies do not qualify.
Two Clocks, One Sequence
Term cases are stressful because the conversion deadline is fixed while the settlement process takes months. Sequencing prevents wasted effort.
- Week 1: Confirm the administrator and the last conversion date, in writing; request permanent premium quotes, full and partial.
- Weeks 1–2: Free policy review to gauge whether a converted policy would attract interest.
- Weeks 2–6: If it would, complete the conversion; begin medical records and life-expectancy work.
- Weeks 6–14: Written offer, contracts, independent escrow, change of ownership recorded, funding.
- After funding: Most states provide a period to unwind the sale — see the rescission period.
Expect roughly 60 to 120 days after conversion. If your window closes within about 60 days, say so at the first conversation so the conversion gets priority and nothing is scheduled casually.
Red Flags, and When Keeping the Term Is Smarter
Be cautious with anyone who urges conversion before reviewing anything, will not put an offer in writing, wants ownership transferred before funds are in escrow, or is vague about how they are paid. If a broker is involved, insist on both the gross offer and your net — see what a life settlement broker does. Any medical release you sign should be specific and revocable, not open-ended.
Often the right answer is to keep the term policy. If it still protects a spouse, a mortgage, or a dependent and the premium is affordable, that is inexpensive protection you could not replace today. If many level years remain at a low premium, the coverage is doing real work. And if the insured is terminally ill, check for an accelerated death benefit rider first — it can pay out faster and with far less paperwork than a sale.
Settlement proceeds may be taxable and can affect means-tested benefit eligibility, so speak with your own tax advisor, and with an elder law attorney if Medicaid planning is in play — see the Medicaid look-back period. If you also hold Athene-related whole life or universal life coverage, see our guides to selling an Athene whole life policy or an Athene universal life policy.
Frequently Asked Questions
Can I sell an Athene term policy without converting it?
Rarely. Term coverage has no cash value and is scheduled to expire, so most buyers cannot use it. The narrow exception is an insured with a serious health impairment whose life expectancy falls well inside the remaining level term. For nearly everyone else, exercising the conversion privilege first is the practical route.
Who do I contact about converting — Athene or someone else?
Whoever administers your policy today, which may not be Athene. Athene acquired Aviva USA in October 2013 and sold most of the acquired life insurance business to Accordia Life and Annuity, with transfers completing in early 2016. Call the number on your most recent statement and ask for written confirmation of the administrator.
How do I find my conversion deadline?
Look in the policy for a clause titled Conversion Privilege or Right to Convert, then confirm the exact date with your administrator and request it in writing. Deadlines are typically stated as an age limit and a duration limit, whichever comes first, and no carrier sends a reminder when the window closes.
Will converting require a new medical exam?
No. The conversion privilege exists so you can move to permanent coverage using your original health classification without new underwriting. Premiums are recalculated at your current age, and permanent coverage costs considerably more per year than the term coverage you have been paying for.
Should I convert first, or get a review first?
Get the free review first whenever the deadline allows. Converting commits you to a much higher premium, and a settlement is never guaranteed. An honest reviewer will tell you when a converted policy is unlikely to attract offers, which spares you the cost of a conversion that leads nowhere.
What could a converted policy be worth?
The GAO’s market study (GAO-10-775) found sellers typically received about 10% to 35% of face value, and roughly four to eight times cash surrender value. Those are broad averages, not a quote, and many policies do not qualify at all. Age, health, face amount, and the converted premium drive the actual figure.
How quickly can this move if my deadline is close?
Conversion can often be completed in a few weeks once quotes and forms are in hand, and the settlement process usually runs 60 to 120 days after that. If your conversion window closes within about two months, say so in the first conversation so the conversion is handled before anything else.
Find out what your policy is worth — free, confidential, no obligation.
A 15-minute educational review covers your eligibility, every alternative, and a realistic view of what each path would net you.
Related Reading
- What Policies Qualify For Life Settlement
- What Is A Life Settlement Broker
- What Is A Rescission Period
- Education Center
- Sell My Athene Whole Life Policy
- Sell My Athene Universal Life Policy
Pine Lake Life Solutions does not purchase life insurance policies and does not provide legal, tax, or investment advice. Information provided is for educational purposes only. Eligibility for any option, including life settlements, is not guaranteed and depends on individual circumstances, policy terms, underwriting, and market conditions. Consult independent legal, tax, or financial professionals before making decisions regarding a life insurance policy.